OSWEGO, IL — The Oswego Village Board voted Tuesday night to pay off $3 million in bonds using surplus funds.
The move will clear the remaining balance of the Series 2013 bonds that were used to pay for Douglas Road improvements. The general fund ended the 2024 fiscal year with a surplus of just over $6 million and has a fund balance reserve that exceeds the requirements of the fund balance policy.
Retiring the bonds early allows the village to reduce its expenditures for the 2024 transition year — from May 1, 2024, to Dec. 31, 2024 — by $1 million, according to a news release. The village also saves $137,961 in interest by paying off the remainder sooner.
"The decision to pay the $3 million balance off early using our surplus funds is a testament to our commitment to financial responsibility, transparency and efficiency," Village President Ryan Kauffman said in a statement. "We are always looking for ways to save taxpayer money. By eliminating future interest payments and reallocating $1 million during this transition year, we can further enhance our community's services and infrastructure."
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